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Consumer price adjustment under the microscope - Germany in a period of low inflation

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Author Info
Johannes Hoffmann () (Deutsche Bundesbank, Economics Department, Wilhelm-Epstein-Straße 14, D-60431 Frankfurt am Main, Germany.)
Jeong-Ryeol Kurz-Kim () (Deutsche Bundesbank, Economics Department, Wilhelm-Epstein-Straße 14, D-60431 Frankfurt am Main, Germany.)

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Abstract

We analyse the adjustment of retail and services prices in a period of low inflation, using a set of individual price data from the German Consumer Price Index that covers the years 1998 to 2003. We strong find evidence of time- and statedependent price adjustment. Most importantly, the differences in “unconditional” sectoral price flexibility are found to be linked to input price volatility. JEL Classification: E31, D43, L11.

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Paper provided by European Central Bank in its series Working Paper Series with number 652.

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Length: 107 pages
Date of creation: Jul 2006
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Handle: RePEc:ecb:ecbwps:20060652

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Keywords: Price rigidity; price flexibility; Consumer Price Index; Germany.;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. von Kalckreuth, Ulf, 2005. "A "wreckers theory" of financial distress," Discussion Paper Series 1: Economic Studies 2005,40, Deutsche Bundesbank, Research Centre. [Downloadable!]
  2. Slacalek, Jirka & Fritsche, Ulrich & Dovern, Jonas & Döpke, Jörg, 2005. "European inflation expectations dynamics," Discussion Paper Series 1: Economic Studies 2005,37, Deutsche Bundesbank, Research Centre. [Downloadable!]
  3. Eyal Baharad & Benjamin Eden, 2004. "Price Rigidity and Price Dispersion: Evidence from Micro Data," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(3), pages 613-641, July. [Downloadable!] (restricted)
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  4. Laurent Baudry & Hervé Le Bihan & Patrick Sevestre & Sylvie Tarrieu, 2004. "Price rigidity. Evidence from the French CPI micro-data," Working Paper Series 384, European Central Bank. [Downloadable!]
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  5. Fred Ramb & Alfons J. Weichenrieder, 2005. "Taxes and the Financial Structure of German Inward FDI," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 141(4), pages 670-692, December. [Downloadable!] (restricted)
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This page was last updated on 2009-11-20.

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